Online lender, Reduce Home Loans has today announced it will be cutting both fixed and variable rates across its suite of home loan products.
Existing customers on Reduce’s flagship securitised program - mortgages that are used as security for investment bonds for investors - will have their variable rate cut by an additional 10 basis points, which according to Reduce is a total of 35 basis points cut since the RBA rate cut at the start of March.
But while variable home loan rates for new customers haven’t changed, they do still remain as some of the lowest variable rates in the Mozo database.
The Reduce Home Loan variable rates for new customers are as follows:
Low Rider Variable Home Loan 2.44% (2.47% comparison rate*)
Rate Lovers Variable Home Loan 2.52% (2.52% comparison rate*)
Investor Rate Slasher Variable 2.79% (2.83% comparison rate*)
Investor Rate Lovers Variable 2.84% (2.84% comparison rate*)
The lender also made adjustments to its Home Owner’s Dream fixed rates, bringing its 1, 2 and 3 year terms to a rock bottom 2.09% (up to 2.68% comparison rate*), making them some of the lowest fixed rates in the Mozo database.
According to Reduce Home Loans General Manager, Josh Beitz, the decision to decrease rates further was made to help Aussie customers save every dollar possible during these extraordinary times.
“The disruption and uncertainty of the global economy has greatly impacted credit markets causing rising funding costs and even causing credit markets to freeze," he said.
“But now more than ever in these uncertain times we want to particularly take care of our existing customers by reducing home loan rates for a second time this month on our flagship program.”
Want a closer look at a couple of Reduce’s hot home loan offers? You got it! Check out our quick review below.